(Alliance News) - Zinc Media Group PLC on Monday said revenue is ahead of market expectations for 2022, as its acquisition of UK brand and corporate film production company The Edge is reporting its "best trading year on record".
Zinc Media is an Edinburgh-based television and multimedia content producer, serving broadcasters as well as brands and businesses.
Zinc Media said it expects to deliver revenue of GBP28 million in 2022, up 60% from GBP17.5 the year before.
Over the course of 2022, Zinc launched two new businesses, and both of which are booking revenue into 2022 and 2023.
Zinc said it is entering the new year in a strong position, with GBP6 million of revenue currently booked and a further GBP16 million at an advanced stage which is expected to convert in the next few months for delivery in 2023.
Earnings before interest, taxes, depreciation, and amortisation is in line with current guidance, with Zinc Media expecting to be profitable in the second half of 2022. In 2021, Zinc reported an adjusted EBITDA loss for the year of GBP600,000.
Zinc also recorded a pretax loss of GBP2.6 million in 2021, although this narrowed from GBP4.1 million in the 18 months to December 31 2020.
"Our recent acquisition The Edge is performing ahead of initial expectations, our newly launched businesses are booking revenue quickly and our well-established labels are winning returning series," Chief Executive Mark Browning said.
Zinc shares were up 4.2% to 84.90 pence at midday on Monday in London.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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Zinc Media (ZIN)